TURKEY TURKEY OPENS TO INVESTMENT
Topping the list of European global investment hotspots and with the abolition of the country’s real estate reciprocity law imminent, Turkey is looking to new markets - including the Middle East – to secure its position as the next big destination for savvy investors.
Turkish parliament, and the country is preparing to welcome a flood of new market investor interest upon ratification later this year. According to the recent Emerging Trends Real Estate 2012 report by
T
PricewaterhouseCoopers and the Urban Land Institute, Turkey is the number one investment hotspot in the survey’s development and investment categories, and was also ranked as the third most attractive emerging market real estate investment destination in 2012 by the Association of Foreign Investors in Real Estate. And its real estate market has a solid base, underpinned by the sound fundamentals of a relatively high-performing economy, good banking system, secure levels of employment, industrialisation potential and the government’s investment into social housing projects. Tis is being further buoyed by amendments to the Land Registry Law, the Mortgage Law, and the redrafting of tax laws, which is all designed to improve the competitiveness of the Turkish real estate sector
he final draft of the bill to abolish Turkey’s existing reciprocity law in favour of open foreign investment is currently under scrutiny by the
MIDDLE EAST APPEAL Te Turkish Statistical Institute reports that the number of apartment units sold in Turkey in Q2 2011 increased by 18 per cent against 2010, and with tourism from the Middle East set to grow in 2012, developers and real estate consultants across the country are preparing for an influx of demand, not just for residential purchases but also for land and hotels. With the extension of the size of a piece of land that a foreign national
can own from 25,000 square metres to 300,000 square metres, the price of prime real estate in key locations in Istanbul and the coastal resorts of Bodrum, Kalkan and Gocek is expected to climb sharply, despite a growth contraction in the country’s construction sector due to increased materials costs and a slowdown in home sales in H2 2011. Kerim Cin, Managing Partner for Colliers International in Turkey breaks
down demand further. “We are witnessing revived activity from Middle East buyers in certain residential locations in Istanbul such as districts like Tarabya and İstinye on the cost of Bosphorus, as well as weekend
12 I CITYSCAPE I APRIL 2012
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